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Roadrunner Profit Edges Higher to $14.8 Million

The asset-light trucking and logistics service provider, Roadrunner Transportation Systems, has reported a small increase in its second quarter profit while revenue gained 36.6%.

Revenues totaled $460.2 million compared to $331.9 million a year earlier, while net income was $14.8 million, compared with $14 million in the prior year quarter. Second quarter 2014 diluted income per share available to common stockholders was 38 cents, compared with 37 cents in the prior year quarter.

Truckload revenues increased 43.1% to $230.8 million for the second quarter of 2014 from $161.2 million for the second quarter of 2013. The improvement was primarily due to increased load growth, increased utilization of Roadrunner's truckload brokerage agent network, and the acquisitions of Wando Trucking, TA Drayage, G.W. Palmer Logistics, Yes Trans, and Rich Logistics, according to the company. TL operating income was $16.1 million, or 7% of TL revenues, for the second quarter of 2014 compared with $11.4 million, or 7% of TL revenues, for the second quarter of 2013.

LTL revenues, including fuel, increased 2.5% to $150.2 million for the second quarter of 2014 from $146.5 million for the second quarter of 2013. LTL operating income was $7.9 million, or 5.3% of LTL revenues, for the second quarter of 2014 compared with $11.8 million, or 8.1% of LTL revenues, for the second quarter of 2013.

“We anticipate our revenues for the third quarter to be in the range of $455 million to $480 million, representing an increase of 25% to 32% from the third quarter of 2013,” said Peter Armbruster, CFO of Roadrunner. “We expect diluted income per share available to common stockholders to be between 37 cents and 41 cents, compared with diluted income per share available to common stockholders of 35 cents in the prior year quarter.